Meritage Portfolio Management Grows Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Meritage Portfolio Management grew its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 13.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,577 shares of the electric vehicle automaker’s stock after purchasing an additional 6,164 shares during the quarter. Meritage Portfolio Management’s holdings in Rivian Automotive were worth $1,210,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of RIVN. GAMMA Investing LLC acquired a new position in Rivian Automotive during the fourth quarter valued at $84,000. Parkside Financial Bank & Trust raised its position in shares of Rivian Automotive by 86.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after acquiring an additional 784 shares during the period. Handelsbanken Fonder AB increased its stake in shares of Rivian Automotive by 401.0% during the fourth quarter. Handelsbanken Fonder AB now owns 262,722 shares of the electric vehicle automaker’s stock worth $6,163,000 after purchasing an additional 210,279 shares in the last quarter. Signaturefd LLC increased its stake in shares of Rivian Automotive by 5.9% during the fourth quarter. Signaturefd LLC now owns 25,645 shares of the electric vehicle automaker’s stock worth $602,000 after purchasing an additional 1,420 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its stake in shares of Rivian Automotive by 40.1% during the fourth quarter. Verdence Capital Advisors LLC now owns 15,788 shares of the electric vehicle automaker’s stock worth $370,000 after purchasing an additional 4,518 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RIVN has been the subject of a number of research reports. Evercore ISI cut their target price on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. Mizuho reiterated a “neutral” rating and issued a $12.00 target price on shares of Rivian Automotive in a report on Monday, March 25th. Bank of America decreased their price objective on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Robert W. Baird decreased their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Finally, Needham & Company LLC reduced their target price on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.61.

Rivian Automotive Stock Up 5.0 %

Shares of RIVN stock traded up $0.43 on Friday, hitting $8.95. The stock had a trading volume of 21,501,134 shares, compared to its average volume of 42,242,031. The firm has a market capitalization of $8.75 billion, a price-to-earnings ratio of -1.55 and a beta of 1.88. The stock’s 50 day moving average is $10.98 and its 200-day moving average is $15.60. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is currently owned by company insiders.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.